First PSOD-EARD project signed in Mongolia
Private Sector Operations Department (PSOD) Director General Michael Barrow on 20 March 2019 in Ulaanbaatar signed a loan agreement with JICA, Sermsang Power, and Tenuun Gerel Construction in support of a 15-megawatt solar power plant with climate-resilient technologies provided by Sharp. This first joint PSOD-East Asia Department (EARD) project exemplifies regional cooperation and mobilizes the Leading Asia's Private Sector Infrastructure Fund and the Canadian Climate Fund for the Private Sector. See news release
ADB signs $50 million agreement to support solar development in India
ADB signed an agreement on 19 March 2019 in Delhi to invest $50 million in Avaada Energy Private Limited to help the company scale up photovoltaic solar energy generation capacity in India. The investment will come from OCR and the Leading Asia's Private Sector Infastructure Fund. The project supports the government's strategy to increase share of renewable energy generation capacity from the current 20% to 40% by 2030. See news release
ADB awarded best development bank in trade
The Global Trade Review has awarded ADB as the best development bank in trade for the 2019 Leaders in Trade awards, which highlight excellence in the trade, commodity, supply chain, export finance, and fintech markets. ADB’s Trade Finance Program grew almost 40% in 2018, conducting 4,500 transactions valued at $6.2 billion, $3.7 billion of which was cofinanced. Of the program’s 21 countries of operations, its four most active are Bangladesh, Pakistan, Sri Lanka and Viet Nam. The program mostly supports SMEs and has delivered a number of knowledge products.
ADB participates in power project financial closing ceremony in Indonesia
ADB Private Sector Operations Department Director General Michael Barrow on 17 January 2019 in Jakarta attended the Jawa-1 liquefied natural gas-to-power project financial closing event. The 1,760-megawatt combined cycle, gas-fired power plant will be the biggest of its kind in Southeast Asia. Officials from the Indonesian government, representatives from the sponsors, and co-lenders including Japan Bank for International Cooperation and Nippon Export and Investment Insurance (NEXI) also attended the event.
ADB microfinance risk participation and guarantee program expands to Sri Lanka
ADB signed its first partnership agreement in Sri Lanka with Hatton National Bank on 25 September in Colombo under the Private Sector Operations Department's Microfinance Risk Participation and Guarantee Program. This will provide up to $20 million in local currency lending to the microfinance sector backed by a partial guarantee from ADB. The program has facilitated more than $845 million loans in the region to over 4.47 million, mostly women, borrowers.
ADB holds first safeguards policy workshop for trade finance partner banks
The Trade Finance Program conducted a workshop on ADB's environmental and social safeguards for more than 80 delegates from banks in 39 developing member on 4-5 September in Singapore. Refresher sessions on customer due diligence were also conducted. ADB Private Sector Transaction Support Division's Noel Peters and Ian Bryson, and Office of Anticorruption and Integrity Due Diligence Unit Head Joel Syquia were among the presenters.
ADB inaugurates first Pacific independent solar power project
A team from ADB's Private Sector Operations Department led by Infrastructure Finance Division 2 Director Jackie Surtani inaugurated a solar farm by Samoan independent power producer, Sun Pacific Energy Limited, on 22 August 2018 in Apia. The company is the first independent power producer recipient of a non-recourse private sector loan. The ADB financing, together with the Canadian Climate Fund for the Private Sector in Asia, helped expand a 2.2-megawatt solar farm to a capacity of 5 megawatts. The team also visited Fiji.
VP van Wees meets government and private sector clients in India
VP Ingrid van Wees on 16-19 July 2018 held meetings with senior officials from the Reserve Bank of India, Department of Economic Affairs, Ministry of Finance, Central Electricity Regulatory Commission, IFC, and nonsovereign clients to discuss the country’s business and regulatory environment, risk management practices, and emerging business opportunities for ADB in India. She also met with business leaders from Citibank, Ernst & Young, Housing Development Finance Corporation, and KKR. She visited a dialysis care clinic operated by DCDC Health Service Private Limited - a client of ADB's Private Sector Operations Department.
ADB attends financial close event for geothermal power project in Indonesia
The Rantau Dedap Geothermal Power Project held a financial close event on 4 July 2018 in Jakarta. ADB is providing a $175.3 million Ordinary Capital Resources (OCR) loan and a $50 million loan through the Clean Technology Fund. Cofinanciers include Japan Bank for International Cooperation, Mizuho, Mitsubishi UFJ Financial Group, Inc., and Sumitomo Mitsui Banking Corporation under a Nippon Export and Investment Insurance cover. ADB's Director of Infrastructure Finance Division 2, Jackie Surtani attended the event. The project's sponsors are Supreme Energy, Engie, Marubeni, and Tohoku Electric.
ADB-supported Myanmar natural gas project receives Deal of the Year award
The Myingyan Natural Gas Power Project, a 225 MW combined cycle gas turbine project with the first international best practice project financing in Myanmar, received the TXF Project Finance Award 2017. Michael Barrow, Director-General of ADB's Private Sector Operations Department, received the award at the TXF Global Project Finance conference on 5 June 2018 in Prague, Czech Republic.